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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Mortgage, can you advise? |
A young person I am trying to help has split with her partner.The mortgage payments are up to date. Both names are on the mortgage. 1. Can it only be sold if both aggree?. 2. if it is sold is she entitled to half the selling price. Perhaps you have experience in this area. They both have to agree before a sale can go through.With regard to the division of any equity once the mortgage and estate agent and solicitors fees have been paid will depend on several factors.Neither is automatically entitled to half! Tell them to sit down sensibly(getting solicitors involved just eats into any profit there may be) work out if they have both paid an equal amount into the property i.e. deposit,buying fees and mortgage repayments.If they shared all then a 50% split is fine.If however,one of them paid out the deposit,survey fees and solicitors(for buying) then a fair division would be to deduct these amounts from the equity and then split what the balance is. They could also work out who paid for any improvements,these could come into the equation too.Hope they can work it out and stay friends it is a much better result in the long run. Source(s): Experience This kind of situation depends on where you live. In some areas, one partner can force the other into either buying them out or selling the house outright. This is something you really need to speak with an attorney about. If you want to help your young person, help them afford a lawyer. This has little to do with the mortgage and EVERYTHING to do with the deed and how they took title. One person can possibly agree to sell their interest; depends on the state and how they took title. They really need to agree. What she is entitled to is whatever the two of them work out as a share of the proceedes AFTER the outstanding notes and liens are paid. If she can't agree to an amount, probably end up in court to settle it title underwriter If both are on the deed then yes both have to agree to the sale. Again if both are on the mortgage then the profit would probably have to be split 50/50. Any other way of splitting the profit would have to be decided in a legal manner. CeMAP and FL Licensed broker. |
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